Babcock & Brown Shares Jump
60% in Australia Trading Debut

SYDNEY, Australia -- Global investment bank Babcock & Brown Ltd. made a stellar debut on the Australian Stock Exchange yesterday, as its shares soared 60% in their first day of trading.

Babcock & Brown shares closed at 7.98 Australian dollars (US$5.78), up from the fixed initial-public-offering price of A$5. More than 29 million shares were traded after the stock hit the exchange at midday.